Neda: Economy to Grow 6.5%

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According to the National Economic and Development Authority (Neda), a progress of 6.5% is expected of the economy for the remaining of this year, regardless of the La Niña weather on the sector of agriculture.

Neda director-general Ernesto Pernia stated that the growth target this year was achievable. In fact, the growth can be supported by the agriculture for the rest of the year, in hopes that the typhoons would keep “skirting” the Philippines, as Pernia stated.

Typhoons and political issues aside, it’s still a great time to invest in the Philippines. Policy statements are still going strong. According to Banko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo, “As far as public policy is concerned, we have seen that this government has not deviated from the 10-point program that was announced during the SONA (State of the Nation Address).”

To reiterate the new government’s agenda, it includes maintaining and building economic reforms of the past. This entails improvements on tax collection agencies, increased spending on infrastructure for 5% GDP, gain more offshore investments with eased constitutional limitations on foreign ownership, a better education system, and a more efficient tax system.

“As far as fundamentals are concerned, analysts and investors have nothing to debate with us in a sense that we are a good prospect for investment,” said Guinigundo.